The Development Bank of the Philippines (DBP) announced it has extended a P450-million term loan to fund the medical facilities expansion spearheaded by the provincial government of Camarines Norte.
DBP President Emmanuel G. Herbosa said that a portion of the borrowings is allocated to build the new Santa Elena District Hospital, a two-storey building with an initial bed capacity of 25 beds.
“DBP is honored to be a part of these initiatives of the Provincial Government which were pursued under the bank’s Strategic Healthcare Investments for Enhanced Lending and Development program,” Herbosa said. “We are one with the province in its aim to meet global health standards and improve services to the community.” The program is the state-owned bank’s initiative to finance hospital, laboratories, diagnostic centers, clinics and primary care providers including pharmacies and family physician clinics. The DBP has approved a total of P18.2 billion in loans under the program as of end-April.
The loan proceeds would also be used to build the new 3-storey Camarinez Norte Provincial Hospital with an additional 50-bed capacity and 2-storey Labo District Hospital with 25-bed capacity. The rest is for acquisition of various hospital equipment and machinery.
“These new projects would be a boon to the province’s efforts to bolster its capability to address the health care concerns of its constituents including the prevailing national public health emergency,” Herbosa said.
Earlier this month, DBP, the Department of Agriculture and Paymaya Philippines rolled out a financing program to help the aspiring entrepreneurs in the agricultural sector. It is offering interest-free loans of up to half a million. Herbosa said DBP would be the settlement bank to the lending conduits of the Agricultural Credit Policy Council and PayMaya in the implementation of the DA’s own lending facility. That lending window is the Agriculture department’s first digitized financing program to support funding of startup or existing agri-based projects. The loan can be repaid in five years.